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Jerome Powell, Federal Reserve Chair, delivered a speech about the U.S. Economy Thursday at the Economic Club of New York.
The speech is coming at a time when Wall Street is struggling. The stock market has been volatile over the past few weeks as Treasury yields reached multi-year highs. Traders are weighing whether Fed rates will remain higher for longer.
CME Group's FedWatch tool showed that traders had priced in 96% of the chance for the central bank to keep rates in the current range of 5.25%-5.5% heading into Powell’s speech.